Dogecoin, the flagship meme coin, has a major challenge ahead of it. According to trading analyst Rekt Capital, the cryptocurrency is on track to reclaim the $0.20 level as new support.
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This, as the analyst expects, could pave the way to further upside. The meme coin could potentially surge to $0.30, according to the analyst.
At press time, the flagship cryptocurrency is changing hands at $0.215. It has surged nearly 7% over the past 24 hours. The meme coin is currently valued at $30 billion.
With mere hours remaining until the pivotal monthly close, it remains to be seen whether Dogecoin will manage to remain above that make-it-or-break-it level.
Meanwhile, the Bitcoin price is on the verge of closing this weekly candle above its all-time high.
If Bitcoin manages to achieve this, this would also position the flagship cryptocurrency for a breakout.
At press time, Bitcoin is changing hands at $70,561, according to CoinGecko data.